Announcement Regarding Saint-Gobain's Acquisition of Shares Held by Taiheiyo Cement Corporation
March 31st, 2010
MAG was originally developed as an affiliated company of Saint-Gobain K.K. and Taiheiyo Cement Corporation. However, with yesterday's acquisition by Saint-Gobain of all MAG shares held by MAG's former owner Taiheiyo Cement (approx. 43.7% of shares), MAG operations have been transferred to Saint-Gobain.
Following this transaction, Saint-Gobain K.K. has an 87.4% stake, making MAG a part of the Saint-Gobain Group.
MAG has been involved in a relationship of technical cooperation in glass wool production with the France-based Saint-Gobain Group for more than 30 years, and Saint-Gobain K.K. is a Saint-Gobain Group company based in Japan. Saint-Gobain K.K. engaged in equity participation in MAG starting in June 2008, and this latest acquisition of shares from Taiheiyo Cement Corporation has strengthened Saint-Gobain's position in Japan's insulation materials market.
François-Xavier Lienhart, the Saint-Gobain Asia-Pacific Deputy General Delegate to Japan and President of MAG-ISOVER K.K. , made the following statement regarding this acquisition: "The acquisition of MAG represents an investment by Saint-Gobain in Japan's insulation materials market as well as a show of our determination to make MAG a leading company capable of providing thermal insulation, acoustic insulation and technical-field solutions in order to achieve an even more sustainable environment."
Following this acquisition, the organizational framework of directors was revised at the meeting of the board of directors on March 29 in order to optimize management efficiency
Because these changes will not affect our relationships with business partners in any way, we hope for your continuing support and encouragement as we move forward.
For inquiries regarding the acquisition, please contact us as follows.
General Affairs Division
Saint-Gobain Bldg., 3-7 Kojimachi, Chiyoda-ku, Tokyo 102-0083